While I agree Square loan fees are high, but I understand they take on all the risk. In fact, I never take the full amount offered due to the fee and the percentage of sales they take. I just take what I need or comfortable with. Now that may change if they are not going to be offering as many or as much from now on. As far as your question, I can't speak for other members, but I love square loans because there is zero paperwork, no credit reporting and repaying the loan is pretty reasonable. If you have a bad week or two, you're not in panic mode because you good weeks pretty much takes care of it. My minimums are paid 25-30 days early (square gives you 60 days to make minimum payments). Banks will want their monthly payment regardless then tack on late fees if you can't make it. I can only imagine trying to go through a local bank the amount of information they will want money down and then how long it will take (if approved) to get it. I've heard of local banks turn down restaurant loans because it's too risky. Square is within 2-3 days usually. Simple, no stress and probably for the most part approved. Square knows your business therefore they probably are not going to offer you something they don't think you can repay that's for sure. But again, it's not for everyone but it works well for me.
